Valeo Foods, the Dublin-based consumer foods business backed by private equity firm CapVest, has agreed a deal to acquire Schluckwerder Holding, a German company that manufactures specialised confectionary products.

While the details of the deal were not disclosed, Valeo said the acquisition of the German company would see the size of its European business more than double and increase its annual revenues to about €1.2bn.

Valeo reported sales of just under €943m for its 2019 financial year and made profits of €53.3m. Established in 2010, Valeo has grown rapidly through acquisition and boasts a stable of consumer food brands including Batchelors, Odlums, Chef, Kelkin, Robert Roberts, Roma, Fruitfield, Rowse honey and the Italian brand Balconi.

The company owns a number of confectionery brands such as Refreshers, Dip-Dab and Foxes mints.

The acquisition of Schluckwerder Holding will give Valeo control of two more well-established confectionary brands in the German market, Erasmi and Carstens.

These brands are classified as “Lübecker marzipan” products, which hold a protected geographic designation (PGI status) in Europe since 1996.